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News Article | May 26, 2017
Site: www.prnewswire.com

The Company acquired 202 7th Street West, located in St. Paul, Minnesota, for approximately $61.5 million.  The newly constructed property is currently 42% leased and consists of 191 rentable units featuring desirable interior finishes, fitness club, rooftop pool deck, sky lounge, club room and concierge services, as well as indoor parking, bike storage, and a dog wash station. The building also features nearly 12,000 square feet of fully leased street level retail space. The property is located in one of St. Paul's most vibrant neighborhoods, steps away from entertainment, restaurants and employment centers, as well as local landmarks such as the Mississippi River, The Science Museum of Minnesota, Xcel Energy Center, and Ordway Theater. IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space. IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104. Certain statements in this press release, including statements regarding IRET's plans and expectations with respect to its strategic transformation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to:  changes in operating costs; the effect of government regulation; the availability of capital; changes in general and local economic and real estate market conditions; IRET's ability to complete acquisitions and dispositions on attractive terms, or at all; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; fluctuations in interest rates; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; competition; IRET's ability to attract and retain skilled personnel; and those risks and uncertainties detailed from time to time in IRET's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2016.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iret-acquires-multifamily-property-for-615-million-300464391.html


Additionally, Company's 2017 Annual Meeting of Shareholders shall be held at 9:00 a.m. Central Daylight Time on Tuesday, September 19, 2017, at the Grand Hotel, 1505 North Broadway, Minot, North Dakota.  Shareholders of record as of the close of business on July 21, 2017 shall be entitled to notice of and to vote. IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space. IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104. Certain statements in this press release, including statements regarding IRET's plans and expectations with respect to its strategic transformation and the closing of the remaining sales of senior housing properties pursuant to two existing agreements, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to:  changes in operating costs; the effect of government regulation; the availability of capital; changes in general and local economic and real estate market conditions; IRET's ability to complete acquisitions and dispositions on attractive terms, or at all; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; fluctuations in interest rates; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; competition; IRET's ability to attract and retain skilled personnel; and those risks and uncertainties detailed from time to time in IRET's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2016.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/investors-real-estate-trust-announces-distributions-for-the-first-quarter-of-fiscal-year-2018-and-announces-date-of-annual-shareholder-meeting-300470586.html


News Article | June 12, 2017
Site: www.prnewswire.com

Ms. Picotte most recently served as director of client services and real estate at Greystar Real Estate, a privately held property management, development and investment firm.  Her responsibilities included identifying real estate investment opportunities for current and prospective clients, and facilitating business-opportunity partnerships between current and prospective clients.  Prior to working at Greystar Real Estate, Ms. Picotte was the Director of Asset Management at Steven Scott Management, with a direct focus on property portfolio operations management with numerous leadership responsibilities. IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space. IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104. Certain statements in this press release, including statements regarding IRET's plans and expectations with respect to its strategic transformation and the closing of the remaining sales of senior housing properties pursuant to two existing agreements, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to: changes in operating costs; the effect of government regulation; the availability of capital; changes in general and local economic and real estate market conditions; IRET's ability to complete acquisitions and dispositions on attractive terms, or at all; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; fluctuations in interest rates; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; competition; IRET's ability to attract and retain skilled personnel; and those risks and uncertainties detailed from time to time in IRET's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2016.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/investors-real-estate-trust-announces-vice-president-of-asset-management-300472112.html


News Article | November 28, 2016
Site: www.prnewswire.com

MINOT, N.D, Nov. 28, 2016 /PRNewswire/ -- IRET (NYSE:IRET) has scheduled a conference call for Tuesday, December 13, 2016 at 10:00 a.m. Eastern Time to discuss IRET's second quarter fiscal 2017 financial and operating results. IRET's quarterly report on Form 10-Q for the fiscal second...


News Article | February 27, 2017
Site: www.prnewswire.com

MINOT, N.D., Feb. 27, 2017 /PRNewswire/ -- IRET (NYSE:IRET) has scheduled a conference call for Tuesday, March 14, 2017 at 10:00 a.m. Eastern Time to discuss IRET's third quarter fiscal 2017 financial and operating results. IRET's quarterly report on Form 10-Q for the fiscal third...


NEW YORK, December 19, 2016 /PRNewswire/ -- Stock-Callers has lined up the following Diversified REITs for today: Investors Real Estate Trust (NYSE: IRET), Anworth Mortgage Asset Corp. (NYSE: ANH), iStar Inc. (NYSE: STAR), and Blackstone Mortgage Trust Inc. (NYSE: BXMT). These real...


LONDON, UK / ACCESSWIRE / December 20, 2016 / Active Wall St. announces its post-earnings coverage on Investors Real Estate Trust (NYSE: IRET). The Company released its second quarter fiscal 2017 financial results on December 12, 2016. The real estate investment trust posted a y-o-y increase in revenue and Funds from Operations (FFO). Register with us now for your free membership at: http://www.activewallst.com/register/. One of Investors Real Estate Trust's competitors within the REIT - Diversified space, Gaming and Leisure Properties, Inc. (NASDAQ: GLPI), reported on November 08, 2016, its results for the quarter ended September 30, 2016. AWS will be initiating a research report on Gaming and Leisure Properties in the coming days. Today, AWS is promoting its earnings coverage on IRET; touching on GLPI. Get our free coverage by signing up to: For the three months ended October 31, 2016, Investors Real Estate Trust reported total revenue of $50.6 million, up 9.2% from Q2 FY17. The company's revenue numbers surpassed analyst estimate of revenue of $49.2 million. For Q2 FY17, Investors Real Estate Trust posted net income available to shareholders of $8.7 million compared to net income of $13.8 million for Q2 FY16. The decline in net income was primarily attributed to gains on sales recorded in the comparable year earlier quarter. The Company reported FFO of $16.5 million, or $0.12 per share and unit, for Q2 FY17 compared to $8.1 million, or $0.06 per share and unit, for the prior year's comparable period. The increase in FFO per share was primarily due to the loss on extinguishment of debt and default interest that was recognized in Q2 FY16. The Company's FFO matched Wall Street's expectations of $0.12 per share. During Q2 FY17, Investors Real Estate Trust's net operating income (NOI) from all properties increased by $2.6 million, or 10.0%, compared to the same period one year ago. The Company's non-same-store properties, provided for an increase in NOI of $3.1 million while same-store NOI decreased by approximately $486,000 for Q2 FY17 compared to the year ago period. Investors Real Estate Trust's multifamily (including non-same-store) NOI increased by approximately $2.7 million, or 15.0%, for Q2 FY17 compared to the same period one year ago. The Company's operating margins of same-store multifamily NOI to gross revenues, fell 35 basis points on a y-o-y basis to 56.42% for Q2 FY17 compared to the same period in the prior fiscal year. Acquisition: During Q2 FY17, Investors Real Estate Trust acquired the remaining 41.41% minority interest in the joint venture entity that owns the Red 20 multifamily property for a purchase price totaling $4.9 million. Development Project in Progress: Investors Real Estate Trust is developing Monticello Crossings, which is a 202 unit, $31.8 million multifamily development project in Monticello, Minnesota. As of October 31, 2016, 65.9% of the units are leased or committed. Construction is expected to be completed in the Q4 FY17. Disposition: During Q2 FY17, Investors Real Estate Trust disposed eight senior housing properties and one parcel of unimproved land in Idaho for a sale price of $43.9 million. Additionally, the company announced that it has entered into six separate sales agreements for the planned disposition of 26 of its senior housing properties, and one multifamily property, for a total of approximately $236.0 million. The company expects these sales to close in calendar year 2017. Liquidity: At October 31, 2016, Investors Real Estate Trust had $68.7 million cash on hand and $52.5 million available on its line of credit, which matures September 01, 2017. On October 03, 2016, Investors Real Estate Trust paid a quarterly distribution of $0.13 per common share and unit of the Company's properties. The Company also paid on September 30, 2016, a quarterly distribution of $0.5156 per share on its Series A preferred shares and a quarterly distribution of $0.4968 per share on its Series B preferred shares. Investors Real Estate Trust's Board of Trustees declared quarterly distributions in the aggregate amount of $0.13 per share/unit, payable on January 17, 2017 to common shareholders and unit-holders of record at the close of business on January 03, 2017. The distributions consist of a regular quarterly distribution of $0.07 per share/unit and a special distribution of $0.06 per share/unit associated with capital gains from property disposition transactions. Additionally, the Board of Trustees declared a distribution of $0.496875 per share on the 7.95% Series B Cumulative Redeemable Preferred Shares (NYSE: IRET PRB), payable on January 02, 2017 to holders of record at the close of business on December 23, 2016. In a separate press release on December 07, 2016, the Company's Board of Trustees authorized a share repurchase program of up to $50 million worth of its common shares and/or Series B preferred shares over a one-year period. For FY17, Investors Real Estate Trust's management revised estimates of FFO to a range of $0.48 to $0.52 per share/unit from the previous range of $0.48 to $0.54 per share/unit. The change in the outlook reflects the company's view of current market conditions, and its assumption of same-store multifamily NOI negative growth of (1.0)% to (3.0)%, which was earlier expected to grow 2.0% to 4.0%. Investors Real Estate Trust's share price finished yesterday's trading session at $6.96, rising 2.96%. A total volume of 1.07 million shares exchanged hands, which was higher than the 3 months average volume of 691.00 thousand shares. The stock has advanced 20.83% and 12.74% in the last three months and past six months, respectively. The stock has a dividend yield of 4.02% and currently has a market cap of $843.23 million. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email [email protected]. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.


LONDON, UK / ACCESSWIRE / December 20, 2016 / Active Wall St. announces its post-earnings coverage on Investors Real Estate Trust (NYSE: IRET). The Company released its second quarter fiscal 2017 financial results on December 12, 2016. The real estate investment trust posted a y-o-y increase in revenue and Funds from Operations (FFO). Register with us now for your free membership at: http://www.activewallst.com/register/. One of Investors Real Estate Trust's competitors within the REIT - Diversified space, Gaming and Leisure Properties, Inc. (NASDAQ: GLPI), reported on November 08, 2016, its results for the quarter ended September 30, 2016. AWS will be initiating a research report on Gaming and Leisure Properties in the coming days. Today, AWS is promoting its earnings coverage on IRET; touching on GLPI. Get our free coverage by signing up to: For the three months ended October 31, 2016, Investors Real Estate Trust reported total revenue of $50.6 million, up 9.2% from Q2 FY17. The company's revenue numbers surpassed analyst estimate of revenue of $49.2 million. For Q2 FY17, Investors Real Estate Trust posted net income available to shareholders of $8.7 million compared to net income of $13.8 million for Q2 FY16. The decline in net income was primarily attributed to gains on sales recorded in the comparable year earlier quarter. The Company reported FFO of $16.5 million, or $0.12 per share and unit, for Q2 FY17 compared to $8.1 million, or $0.06 per share and unit, for the prior year's comparable period. The increase in FFO per share was primarily due to the loss on extinguishment of debt and default interest that was recognized in Q2 FY16. The Company's FFO matched Wall Street's expectations of $0.12 per share. During Q2 FY17, Investors Real Estate Trust's net operating income (NOI) from all properties increased by $2.6 million, or 10.0%, compared to the same period one year ago. The Company's non-same-store properties, provided for an increase in NOI of $3.1 million while same-store NOI decreased by approximately $486,000 for Q2 FY17 compared to the year ago period. Investors Real Estate Trust's multifamily (including non-same-store) NOI increased by approximately $2.7 million, or 15.0%, for Q2 FY17 compared to the same period one year ago. The Company's operating margins of same-store multifamily NOI to gross revenues, fell 35 basis points on a y-o-y basis to 56.42% for Q2 FY17 compared to the same period in the prior fiscal year. Acquisition: During Q2 FY17, Investors Real Estate Trust acquired the remaining 41.41% minority interest in the joint venture entity that owns the Red 20 multifamily property for a purchase price totaling $4.9 million. Development Project in Progress: Investors Real Estate Trust is developing Monticello Crossings, which is a 202 unit, $31.8 million multifamily development project in Monticello, Minnesota. As of October 31, 2016, 65.9% of the units are leased or committed. Construction is expected to be completed in the Q4 FY17. Disposition: During Q2 FY17, Investors Real Estate Trust disposed eight senior housing properties and one parcel of unimproved land in Idaho for a sale price of $43.9 million. Additionally, the company announced that it has entered into six separate sales agreements for the planned disposition of 26 of its senior housing properties, and one multifamily property, for a total of approximately $236.0 million. The company expects these sales to close in calendar year 2017. Liquidity: At October 31, 2016, Investors Real Estate Trust had $68.7 million cash on hand and $52.5 million available on its line of credit, which matures September 01, 2017. On October 03, 2016, Investors Real Estate Trust paid a quarterly distribution of $0.13 per common share and unit of the Company's properties. The Company also paid on September 30, 2016, a quarterly distribution of $0.5156 per share on its Series A preferred shares and a quarterly distribution of $0.4968 per share on its Series B preferred shares. Investors Real Estate Trust's Board of Trustees declared quarterly distributions in the aggregate amount of $0.13 per share/unit, payable on January 17, 2017 to common shareholders and unit-holders of record at the close of business on January 03, 2017. The distributions consist of a regular quarterly distribution of $0.07 per share/unit and a special distribution of $0.06 per share/unit associated with capital gains from property disposition transactions. Additionally, the Board of Trustees declared a distribution of $0.496875 per share on the 7.95% Series B Cumulative Redeemable Preferred Shares (NYSE: IRET PRB), payable on January 02, 2017 to holders of record at the close of business on December 23, 2016. In a separate press release on December 07, 2016, the Company's Board of Trustees authorized a share repurchase program of up to $50 million worth of its common shares and/or Series B preferred shares over a one-year period. For FY17, Investors Real Estate Trust's management revised estimates of FFO to a range of $0.48 to $0.52 per share/unit from the previous range of $0.48 to $0.54 per share/unit. The change in the outlook reflects the company's view of current market conditions, and its assumption of same-store multifamily NOI negative growth of (1.0)% to (3.0)%, which was earlier expected to grow 2.0% to 4.0%. Investors Real Estate Trust's share price finished yesterday's trading session at $6.96, rising 2.96%. A total volume of 1.07 million shares exchanged hands, which was higher than the 3 months average volume of 691.00 thousand shares. The stock has advanced 20.83% and 12.74% in the last three months and past six months, respectively. The stock has a dividend yield of 4.02% and currently has a market cap of $843.23 million. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. LONDON, UK / ACCESSWIRE / December 20, 2016 / Active Wall St. announces its post-earnings coverage on Investors Real Estate Trust (NYSE: IRET). The Company released its second quarter fiscal 2017 financial results on December 12, 2016. The real estate investment trust posted a y-o-y increase in revenue and Funds from Operations (FFO). Register with us now for your free membership at: http://www.activewallst.com/register/. One of Investors Real Estate Trust's competitors within the REIT - Diversified space, Gaming and Leisure Properties, Inc. (NASDAQ: GLPI), reported on November 08, 2016, its results for the quarter ended September 30, 2016. AWS will be initiating a research report on Gaming and Leisure Properties in the coming days. Today, AWS is promoting its earnings coverage on IRET; touching on GLPI. Get our free coverage by signing up to: For the three months ended October 31, 2016, Investors Real Estate Trust reported total revenue of $50.6 million, up 9.2% from Q2 FY17. The company's revenue numbers surpassed analyst estimate of revenue of $49.2 million. For Q2 FY17, Investors Real Estate Trust posted net income available to shareholders of $8.7 million compared to net income of $13.8 million for Q2 FY16. The decline in net income was primarily attributed to gains on sales recorded in the comparable year earlier quarter. The Company reported FFO of $16.5 million, or $0.12 per share and unit, for Q2 FY17 compared to $8.1 million, or $0.06 per share and unit, for the prior year's comparable period. The increase in FFO per share was primarily due to the loss on extinguishment of debt and default interest that was recognized in Q2 FY16. The Company's FFO matched Wall Street's expectations of $0.12 per share. During Q2 FY17, Investors Real Estate Trust's net operating income (NOI) from all properties increased by $2.6 million, or 10.0%, compared to the same period one year ago. The Company's non-same-store properties, provided for an increase in NOI of $3.1 million while same-store NOI decreased by approximately $486,000 for Q2 FY17 compared to the year ago period. Investors Real Estate Trust's multifamily (including non-same-store) NOI increased by approximately $2.7 million, or 15.0%, for Q2 FY17 compared to the same period one year ago. The Company's operating margins of same-store multifamily NOI to gross revenues, fell 35 basis points on a y-o-y basis to 56.42% for Q2 FY17 compared to the same period in the prior fiscal year. Acquisition: During Q2 FY17, Investors Real Estate Trust acquired the remaining 41.41% minority interest in the joint venture entity that owns the Red 20 multifamily property for a purchase price totaling $4.9 million. Development Project in Progress: Investors Real Estate Trust is developing Monticello Crossings, which is a 202 unit, $31.8 million multifamily development project in Monticello, Minnesota. As of October 31, 2016, 65.9% of the units are leased or committed. Construction is expected to be completed in the Q4 FY17. Disposition: During Q2 FY17, Investors Real Estate Trust disposed eight senior housing properties and one parcel of unimproved land in Idaho for a sale price of $43.9 million. Additionally, the company announced that it has entered into six separate sales agreements for the planned disposition of 26 of its senior housing properties, and one multifamily property, for a total of approximately $236.0 million. The company expects these sales to close in calendar year 2017. Liquidity: At October 31, 2016, Investors Real Estate Trust had $68.7 million cash on hand and $52.5 million available on its line of credit, which matures September 01, 2017. On October 03, 2016, Investors Real Estate Trust paid a quarterly distribution of $0.13 per common share and unit of the Company's properties. The Company also paid on September 30, 2016, a quarterly distribution of $0.5156 per share on its Series A preferred shares and a quarterly distribution of $0.4968 per share on its Series B preferred shares. Investors Real Estate Trust's Board of Trustees declared quarterly distributions in the aggregate amount of $0.13 per share/unit, payable on January 17, 2017 to common shareholders and unit-holders of record at the close of business on January 03, 2017. The distributions consist of a regular quarterly distribution of $0.07 per share/unit and a special distribution of $0.06 per share/unit associated with capital gains from property disposition transactions. Additionally, the Board of Trustees declared a distribution of $0.496875 per share on the 7.95% Series B Cumulative Redeemable Preferred Shares (NYSE: IRET PRB), payable on January 02, 2017 to holders of record at the close of business on December 23, 2016. In a separate press release on December 07, 2016, the Company's Board of Trustees authorized a share repurchase program of up to $50 million worth of its common shares and/or Series B preferred shares over a one-year period. For FY17, Investors Real Estate Trust's management revised estimates of FFO to a range of $0.48 to $0.52 per share/unit from the previous range of $0.48 to $0.54 per share/unit. The change in the outlook reflects the company's view of current market conditions, and its assumption of same-store multifamily NOI negative growth of (1.0)% to (3.0)%, which was earlier expected to grow 2.0% to 4.0%. Investors Real Estate Trust's share price finished yesterday's trading session at $6.96, rising 2.96%. A total volume of 1.07 million shares exchanged hands, which was higher than the 3 months average volume of 691.00 thousand shares. The stock has advanced 20.83% and 12.74% in the last three months and past six months, respectively. The stock has a dividend yield of 4.02% and currently has a market cap of $843.23 million. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. 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News Article | November 1, 2016
Site: www.prnewswire.com

MINOT, N.D., Nov. 1, 2016 /PRNewswire/ -- IRET (NYSE: IRET) today announced the completion of the sale of eight senior housing assets in Idaho, totaling 313 units, for a total sales price of approximately $43.9 million on October 31, 2016. The assets were sold to the current tenants, who a...


MINOT, N.D., Dec. 12, 2016 /PRNewswire/ -- IRET (NYSE: IRET) today reported its financial and operating results for the quarter and year-to-date ended October 31, 2016 and distributions for the third quarter of fiscal year 2017. Second Quarter Fiscal Year 2017 Highlights...

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